Claims
The quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade which even approached 2004’s loss total was 2001, following the September 11 terrorist attacks, when […]
By Canadian Underwriter | February 10, 2005
1 min read
Industry
Ontario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of Ontario’s (FSCO) list of authorized representatives for statutory accident benefits claims, according to a FSCO […]
By Canadian Underwriter | February 9, 2005
While most drivers recognize the serious danger presented by speeding, many still admit to having committed the offense, according to a public opinion survey conducted by Manitoba Public Insurance (MPI). In a survey of 800 residents of the province, 70% say driving faster than the road conditions indicate is a major problem on roadways. But […]
2 min read
Risk
In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where annual sales are between $100,000 and $1 million, the broker finds financial, economic and human […]
Life and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal life and annuities could provide strong growth this year, but insurers expect to be hampered […]
In its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004 “nervous” as a result of some high-profile D&O losses in recent years, by the second […]
By Canadian Underwriter | February 8, 2005
U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back considerably since then. In each of the last three months of 2004, rate increases averaged […]
The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of prior-year premium increases, but these “periodic glimpses of rising profitability” will likely be overshadowed by […]
Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to use ERM to build shareholder value, many remain focused on fundamentals, the report notes. Insurers […]
The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the intense spotlight being placed on insurer and broker activities both in the U.S. and U.K., […]
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